Iowa Industrial New Jobs Training Program
There are many unique advantages when looking to Iowa as a possible location for your project. One being the Iowa Industrial New Jobs Training (260E) program. This program provides a competitive advantage through workforce training to businesses that are located in Iowa or expanding a current operation in the state.
Award amounts are unique to each business as allocations are based on the starting wages of the new employees. Training plans developed for new hires are eligible to budget up to 50 percent of the award for initial on-the-job training, with the remaining balance targeting competency development.
How does the program work?
The program is at no cost to your business. Training is funded by your local community college through the sale of certificates for the amount of anticipated tax revenue generated from new employee salaries. The revenue generated from the certificate sale is used to create a training fund for your company. The certificates are repaid by your business by utilizing a portion of the new employees’ withholding tax.
The funds can be used for a variety of services, including:
- Job-related to instruction
- Skills assessment
- Training equipment, materials and supplies
- Customized or general instruction at your company or other facilities
- Reimbursement of training travel costs for employees
- College tuition, books and fees
- Payment of a portion of new employees’ wages during training period
To be eligible for funding, your business must:
- Be located in or relocating to Iowa
- Engage in interstate or intrastate commerce for the purpose of manufacturing, assembling, warehousing, wholesaling or conducting research and development
- Create new positions or jobs
- Not have closed or reduced employment at other business sites in Iowa to relocate the same operation to another area of the state
To learn more, visit www.iowaeconomicdevelopment.com/Business/260E.